Please Read Our Top 9 Myths.
Please Read Our Top 9 Myths.
Demystifying Credit Repair
The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years.
There is no law that the credit agencies report anything. Just the opposite is true! Credit Agencies are required by law to automatically remove all derogatory items older than 7 years, or in the case of a bankruptcy, 10 years.
It is impossible to remove an item of public record.
Bankruptcies, tax liens, etc. come off just like any other item that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified. Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.
The burden of proof rests with the consumer to validate information contained on your credit report.
The opposite is true under the Fair Credit Reporting Act; both federal and various state laws REQUIRE that the credit.
It is illegal or immoral to have the information on your credit report altered or removed.
Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about. It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives.
Paying a past due debt removes it from your credit report.
Just because you pay an old debt does not change or erase the fact that at one time you were not paying on it as you agreed. Can this record be changed? Absolutely!
Credit reporting and credit scoring were developed to educate and inform consumers. (visit their websites)
False. The big 3 and FICO serve the banking and insurance industries who need a 3rd party to ?rate? their services.
Evidence: Blockbuster and Hollywood video article
If you get a derogatory item removed, it will just come back.
Not if it is removed legally. When it is removed with cause under the Fair Credit reporting Act it cannot legally be placed back on your credit report. Consumer must receive a reinsertion letter 5 days prior.
The past equals the future.
This is the biggest myth of all. The concept that once bad, always bad, or at least for 7 years is totally false. The scoring model, like Google's search engine parameters, has been in constant change. The simple truth is, no credit report or scoring model can predict the future.